In next 5-10 years, not likely to see utilizations drop to levels seen
in early 1980’s from expansion

Expansion that reduces utilization several percentage points not likely
to have much impact on margins

Regionally, the highest risk for oversupply that might impact Atlantic
Basin margins is in Middle East; Atlantic Basin is not likely to
over-expand

Decrease in residual fuel supply from bottoms upgrading not likely to be
enough to push residual fuel prices much closer to crude oil price and
significantly reduce differentials.(Demand for residual fuel is declining.)

Rising facility construction costs and biofuels use may reduce rate of
facility expansion